Latest news with #Sens
The Citizen
2 days ago
- Business
- The Citizen
ArcelorMittal warns it might close without urgent solution to challenges
This means that 3 500 jobs at ArcelorMittal in Newcastle and Vanderbijlpark can be lost again, as well as 293 754 direct and indirect jobs. ArcelorMittal warns in a Sens announcement that it might have to begin preparing to close down its long steel business long before the end of September if there is no urgent solution to the problems causing the closure. The steelmaker announced on 31 March that the decision to wind down long steel business has been deferred for at least six months to 30 September 2025 enabled by a facility the Industrial Development Corporation of South Africa (IDC) provided of R1 683 million. The facility now has been fully drawn, enabling the long business to continue operating and funding its working capital and associated financial needs for the third quarter of 2025. During the deferral period the objectives were to advance the normalisation of structural impediments, improve the sustainability and viability of the longs business, while sustaining jobs and manufacturing supply chains in South Africa. ALSO READ: IDC saves ArcelorMittal days before furnaces switched off Main impediments for ArcelorMittal long steel business According to the ArcelorMittal Sens statement, the main structural impediments highlighted for several years are: The structural distortion created by the Preferential Pricing System and export tax on ferrous scrap in favour of scrap-based steelmakers to the disadvantage of integrated steelmakers, such as ArcelorMittal South Africa. Weak domestic demand and the lack of growth projects for steel. Insufficient import protection and the continued circumvention of existing tariff protections by local companies without prosecution. Poor rail service performance and associated high, globally uncompetitive and unaffordable tariffs. Unaffordable and globally uncompetitive electricity tariffs. ArcelorMittal says regrettably limited progress was made until now to tackle the major structural impediments, with high imports continuing to flood the domestic market. 'Transnet's rail performance also deteriorated to its lowest levels ever, resulting in significantly elevated operating risk and unaffordable additional cost being borne by the company.' The steelmaker says it has been exploring various strategic options while the IDC simultaneously conducted its due diligence into the company during the deferral period. 'Government has been pursuing structural interventions with significant effort and is still continuing. 'The longs business, as we said before, will only be able to continue with financial support as the company cannot bear any further financial risk associated with its continued operations after the deferral period. 'Therefore, unless a solution is implemented timeously and to ensure the orderly closure of the longs business as soon as possible, ArcelorMittal may have no option but to take certain operational steps to prepare for the wind down process before 30 September 2025. 'However, ArcelorMittal's longs business will continue to trade until the end of September to meet its commitments to its customers.' ALSO READ: ArcelorMittal closing down long-steel works, cutting about 3 500 jobs Downturn in steel industry also problem for ArcelorMittal ArcelorMittal also says the global cyclical downturn in the steel industry has continued for almost two years, which is longer than the norm. 'Compared to the same period in 2024, global crude steel production reduced by 1.3% from January to May 2025, according to World Steel Association.' In South Africa, gross domestic product (GDP) growth expectations were reduced to no more than 0.7% for 2025, with all sectors except agriculture contributing to the weaker outlook that resulted in tough trading conditions in key steel consuming sectors, such as construction, automotive, mining, fabrication and energy and transport. Apparent steel consumption in South Africa for the first half of 2025 is expected to be marginally lower year-on-year, with a high share of demand supplied by imports, estimated at around 37% share of local consumption. Sales volumes are expected to be approximately 10% down compared to the first half of 2024. Apart from lower demand, the sales volumes for flat steel products continue to be affected by the high import levels, while long steel product sales reflected the uncertainty around its continuation. ArcelorMittal also points out that the risk of uncontrolled blast furnace stops arose twice during the past six months due to major rail service interruptions due to an unprecedent spate of cable theft and locomotive failures. Additional unplanned road transport had to be deployed, resulting in higher direct, operational and handling costs of R317 million for the current period. ALSO READ: Concern about SA steel industry: Trump's tariffs and ArcelorMittal closure looming Steel industry expressed disillusionment – ArcelorMittal The steel and manufacturing industry, represented by various industry associations, appeared before the portfolio committee responsible for trade, industry and competition on 4 June. The industry expressed general disillusionment with policy developments and dissatisfaction with the continued decline of the steel sector, which is creating a challenging business and investment climate in South Africa. The steelmaker says the rapid increase of imports (notably from China, Indonesia and Vietnam) took the industry by surprise, reaching levels described by the South African Iron and Steel Institute as 'unacceptable'. Imports now represent more than 35% of apparent steel consumption and significantly undermines domestic supply. The industry called for the urgent imposition of definitive actions from the ongoing tariff reviews, along with amending the ill-conceived and ill-implemented Preferential Pricing System and the associated export tax regime relating to scrap prices. 'Structural demand issues, fragmented policy implementation, ceaseless electricity cost increases and the crippled rail performance, pose significant challenges to the South African steel and manufacturing industry. 'While there has been unprecedented action by governments around the world to protect their industries, with expedited protective tariff implementation and strong localisation programmes, support for the South African steel industry is required and this cannot happen quickly enough.' ALSO READ: Did government policy kill SA's steel industry? ArcelorMittal believes steel industry can thrive if government acts ArcelorMittal says South Africa can maintain a thriving steel industry, but government must act decisively to ensure that commitments translate into real supportive action. The immediate two priorities are, firstly, ensuring that the high levels of imports are dramatically reduced and secondly, enabling a vibrant level of steel demand that is accessible to all South African steel producers. ArcelorMittal says it will provide further updates in its announcement of its financial results for the six months ended 30 June 2025, on 31 July.
USA Today
29-06-2025
- Sport
- USA Today
Wisconsin hockey defenseman selected in first round of 2025 NHL draft
#6 IS HEADED TO THE 613 🤩Logan Hensler goes No. 23 to the @Senators!#NHLDraft | #Sens The Ottawa Senators selected Wisconsin men's hockey freshman defenseman Logan Hensler with the No. 23 pick of the 2025 NHL Draft on Friday at L.A. Live's Peacock Arena. With the selection, Hensler becomes the 19th ever UW men's hockey representative to hear his name called in the first round of the NHL draft. "I'm ecstatic," Hensler said after being drafted. "Great organization, and I'm pumped to get started with them. Long journey ahead, but I'm super excited it's with them. It's always been a dream of mine, and to be drafted by Ottawa is amazing. I'm grateful for the opportunity and excited to get started." At 6-foot-2, Hensler registered two goals and 10 assists for 12 total points in 32 appearances as a true freshman. As the fifth-youngest player in college hockey, Hensler's efforts in his sole season under Mike Hastings earned him a spot on the 2024-25 All-Big Ten Freshman Team. Prior to donning the scarlet and white, Henseler suited up for the U.S. National U18 Team in 2023-24 and accumulated four goals and 32 points in 61 games. The Woodbury, Minnesota, native also earned a gold medal while skating for the United States at the 2025 IIHF World Junior Championship in Ottawa - the city where he will play home games in the NHL. Hensler's first round selection also stretches Wisconsin's streak of at least one player hearing his name called in the NHL draft to 28 years. He, Luke Kunin (2016), Trent Frederic (2016), K'Andre Miller (2018), Alex Turcotte (2019), Cole Caufield (2019), Dylan Holloway (2020), Corson Ceulemans (2021) and Charlie Stramel (2023) are the most recent Badger draftees to go in the first round dating back to 2015. The standout will join a Senators squad that went 45-30-7 during the 2024-25 season, a campaign that ended with a 4-2 first-round series loss to the Toronto Maple Leafs. The playoff appearance marked the first postseason series for the franchise since the 2016-17 season and the first winning output in nearly a decade. Contact/Follow @TheBadgersWire on X (formerly Twitter) and like our page on Facebook to follow ongoing coverage of Wisconsin Badgers news, notes and opinion
Yahoo
14-06-2025
- Sport
- Yahoo
Opinion: The Notion Of Mitch Marner Signing With Ottawa Wouldn't Work For Either Side
It would appear that Mitch Marner's time in Toronto could be nearing its end, and like a lot of breakups, it's probably a mutual thing. General Manager Brad Treliving has openly talked about the team needing new DNA, and Marner has frequently seemed irritated with the intense media spotlight, high expectations, and another early playoff exit. That tension was on full display during the second round, when TV cameras caught Marner barking, 'Wake the f*** up!' at his teammates. He was literally spitting mad in a moment that seemed to sum up how his time with the Leafs has been unfolding. Advertisement With Marner's unrestricted free agency looming, now less than three weeks away, the speculation is ramping up. And among the teams casually linked to him? The Senators. Podcaster Jeff Marek recently mentioned them as a possible dark horse in the Marner bidding, suggesting they might be looking to make a splash this summer. For argument's sake, let's leave aside the not-so-small fact that Ottawa wouldn't be Marner's first choice, and probably not his second or third either. In all likelihood, he'd probably prefer an warm American market where fans and media care less. Can't blame him. The man has basically had five careers worth of media scrutiny. But as we tackle things just from the Ottawa perspective, the idea isn't completely without merit. Marner is still a young man in his prime at 28, four months younger than Thomas Chabot, and has consistently produced at a high level. So age-wise, he'd fit right in with Ottawa's young, talented roster. Dave Poulin is probably a big fan, being part of the group that drafted Marner. And make no mistake, they will need to find another top-end offensive weapon if they're to evolve into true contenders. So the fit, in terms of age and skill, checks some boxes. Advertisement But there are some bigger factors to consider. For starters, the Sens are in the midst of stabilizing things after years of drama and mismanagement under Eugene Melnyk. They've now got an owner committed to being 'best in class,' with a smart front office, a young core, and a clearer identity. It's worth asking whether Marner really fits with what Ottawa is building. Then there's the financial side. Marner's next deal (assuming he leaves Toronto) will definitely be the max seven years and likely north of $13 million per season. That's obviously a significant investment in one player, not just in cap space or who you'd need to move to make it work, but in team dynamics. That would be at least $5 million more than any current Senator, which could shift the tone and balance in the room. And this is a group that has emphasized balance. Advertisement Right now the Senators balancing act includes a need for more hard skill up front, not the soft skill that Marner brings. Bringing in Marner at this point would be like bringing in another offensive defenceman last summer instead of the shut down man they actually needed in Nick Jensen. While Marner's regular season production is elite, his playoff results haven't quite matched. The Leafs have made it past the first round just twice during his time there, despite having some of the league's top-paid players around him. Fair or not, that history follows him. And it's fair to ask if those big offensive numbers will continue in a new situation, without one of the game's greatest scorers so often at his side. None of this is to say Marner isn't a top-tier player. But for a team like Ottawa, it's just not a fit, not for either side. Steve Warne The Hockey News More Sens Headlines: Jake Sanderson Finishes Top 10 In Norris Trophy Voting First Look At Senators New Red And Gold Jerseys Drake Batherson Doesn't Belong Anywhere Near Ottawa's Trade Bait Board Senators Shed Light on Nick Jensen's Injury Senators Sign Tyler Kleven To New Contract Ben Kindel: Will The Sens Use Their First-Round Pick On Another Calgary Hitman? Potential First-Round Draft Targets For The Senators: Defenceman Blake Fiddler
New York Times
12-06-2025
- Sport
- New York Times
Should Ottawa target Marco Rossi this offseason? Senators mailbag, Part 1
We are weeks away from the 2025 NHL Draft and the free-agent market opening. The rumour mill is churning as we wait for the Ottawa Senators to handle contract negotiations with their remaining pending free agents. Those deals will shape how active they'll be in free agency. Let's take your questions on whether the Sens could offer a performance bonus-laden contract to Claude Giroux, whether Marco Rossi is a fit for the Senators and which prospects could challenge for an NHL roster spot next year. Note: Questions have been lightly edited for length and clarity. We've seen the need for truly top-end talent AND depth in these playoffs. With that in mind, do you think a perennial playoff team, but a first-round or second-round exit, is the Sens' ceiling? Or do they have what it takes to make a deep run as currently constructed (including prospects in the system)? — Mike M. Advertisement I think the Senators are good enough to make the playoffs and could win a round depending on their opponent. They have a No. 1 goalie, a No. 1 defenceman and a No. 1 centre. They have an impact first-liner in Brady Tkachuk, who has proven he can play in the playoffs. Their supporting cast is decent. They have a game plan that involves committing to playing defence. There's work to be done, but the Sens have a good foundation. The Senators are counting on that internal growth to take that next step. But what about filling holes in the roster, such as a need for scoring and potentially another defenceman to offset Nick Jensen's recovery from a nagging hip injury? That question will only be resolved once we know what Ottawa is doing with its remaining free agents before July 1. Finally, what about the other teams in the Atlantic? The Florida Panthers are two wins away from a Cup. Barring serious regression and/or injuries, the Tampa Bay Lightning still look like a playoff team. The Toronto Maple Leafs should be, too. The Montreal Canadiens became a playoff team last year and the Detroit Red Wings continue to knock on the door as well. And maybe the Buffalo Sabres will be one day, too. I think the Senators need to show that they're more impressive than other teams in the Atlantic. It's possible. But they need to prove it wasn't a fluke. Of course, projections for any team go out the window because of the magic of the playoffs. All it takes is one run, and how you play after that run, for your perception to change. I think Ottawa's good enough to be a playoff team right now. But expectations need to be higher than that. Would love a one-year assessment of the (Carter) Yakemchuk pick given it's this window's last top 10 pick (hopefully) and chance to get a star, his progression being hard to judge by box score stats alone, and the glut of other D prospects picked in that range that tempt 'what if' thinking. — Alexei K. Advertisement It's a bit too early to tell with Yakemchuk, I think. He experienced some injury trouble during the second half of his WHL season and wasn't as much of a factor as he should have been during the playoffs. The one game I watched in full last December was his last game before the Christmas holidays. The offensive instincts were there, but he needed to work on gap control, having an active stick and positioning at the time. But until we see him up close at the pro level, I'm going to consider any real assessment of Yakemchuk to be premature. I think the Senators still got a high-end prospect with size and offensive ability, but I'm not comfortable saying the Sens got a better prospect than guys like Zeev Buium, Zayne Parekh and the like. Yakemchuk should be at the Ottawa development camp next month after the draft, and he'll likely head back to Calgary after that to get himself in shape for a training camp battle. The Sens continue to monitor his progress with help from development coach Wade Redden. My impression is that the Senators will give Yakemchuk every opportunity to make the team, as questions surround Jensen's health. My colleague Scott Wheeler thinks Yakemchuk could play in the NHL this fall, too. Are there any players from Belleville that you can see pushing for an NHL roster spot next year? — Keith C. Leevi Merilainen could have the best odds of that, but it doesn't appear to be a slam dunk as of now. It has everything to do with whether Anton Forsberg remains in the organization. Up to now, I haven't heard any confirmation that his time in Ottawa is done. We'll see. Something else to consider: Ottawa's goaltending depth across the organization looks pretty thin if it lets Forsberg go. We know Linus Ullmark is the No. 1 guy. But in a world where Merilainen is No. 2, that leaves Mads Sogaard as their No. 3. Even if Forsberg goes, I'm inclined to think the Senators will vie for a veteran goalie in free agency. Advertisement Stephen Halliday showed some promise at the AHL level with 19 goals and 51 points in 71 games. Depending on what the Sens do with their pending free agents, maybe he gives himself a chance to play on the fourth line with a good showing at training camp. In addition to Yakemchuk battling for a roster spot, I'd look at Donovan Sebrango as a possibility for the seventh defenceman. He played two games last year. It only makes sense that he gets a good look in the fall. It seems like this is the perfect opportunity to pay Claude Giroux via performance bonus, which is allowed on contracts for players aged 35 and above. I'm thinking he could count for a league-minimum cap hit this year and give him $4-5 million in easily achievable performance bonuses, which, from my understanding, would count next year. But with the cap going up, and Nick Jensen and David Perron off the books, they might be OK with it? Can you do a deep dive on this? I don't see this strategy used by teams very often. — Matthieu K. On this week's Ask CJ on the Chris Johnston Show, Johnston tackled a similar question about Brad Marchand. I'd recommend checking that out if you want an in-depth explanation from him. Anyway, yes, the Senators could tender a one-year contract with those performance bonuses that can carry into the next season. For those wanting an update on Giroux, senior vice president Dave Poulin said negotiations are ongoing on Tuesday at a season-ticket-holder event. Joe Pavelski is a notable example of this strategy. He signed a one-year deal in 2023-24 with a $3.5 million cap hit and $2 million in performance bonuses. Combined with bonuses for Thomas Harley, that went up to about $2.6 million in performance overage bonuses carried over into 2024-25, according to PuckPedia. But some money was saved because the Stars were under the cap. That could work as some comparison for Giroux in this case. Are the Senators willing to live with having four or five million on their books in bonuses on their cap? Depends on how much space they'll have. The Sens are currently projected to have $35 million in cap space in 2026, but what does that look like with a new Shane Pinto contract? What about other players they acquire through trade or free agency? Jensen and Perron look like cap casualties in 2026, but is it a guarantee that they both leave? Those are some of the factors the Sens would have to consider. Of course, Giroux has to want that contract, too. What if he wants two years instead of one, for example? Anyway, it's a good idea worth considering. I wouldn't be surprised if the Sens tried to pitch that idea already. I feel that the Sens have too many top-nine forwards but not enough top-six. With that in mind, do you think Marco Rossi could be an interesting option for the Sens? Would Ridly Greig and a second-round pick be enough to make a trade? Thanks! — Olivier N. I get teams and fans being interested in Marco Rossi, a 60-point centre who can score from high-danger areas and looks to be on the outs in Minnesota before his prime. But here's why your trade proposal might not work. My understanding is that the Wild would rather have players in exchange for Rossi instead of draft picks. The Wild probably won't need that 2026 second the Sens could offer (Ottawa doesn't have a second-rounder in this month's draft). Secondly, if the Wild want players, Greig doesn't fit the bill. His snarl and grit make him an excellent middle-of-the-lineup player, but it remains to be seen if he's a top-six player. I think Shane Pinto would be a more intriguing piece for Minnesota than Grieg. His ceiling is higher, and he's a centre with some size who can play well defensively while providing offence in your middle six. Secondly, is Rossi a veritable top-six player on this team, especially in the playoffs? It's worth asking. This spring in the playoffs, Rossi's ice time was limited between 9:27 and 12:10 in the six games he played against Vegas. He did have a multi-point outing in the series in Game 3, but played just 10:52 — and that was two-thirds of his points production in that series. Rossi had a 40.74 Corsi rating at five-on-five in the postseason and a 28.57 percent high-danger chances rate, according to Natural Stat Trick. That's not good enough, in my eyes. I think Rossi is a talented player who could benefit in an environment where he doesn't have to worry about being out of a team's middle six. I'm just not completely sure he would be a top-six player for Ottawa. (Top photo of Marco Rossi: Robert Edwards / Imagn Images)
The Citizen
06-06-2025
- Business
- The Citizen
Ayo fined over breach of listing rules
JSE has fined the company R500 000. JSE-listed Ayo Technology Solutions has been fined R500 000 for not releasing a Sens announcement with full details of a share buyback after agreeing to a settlement agreement with the parties on 23 March 2023. On Thursday, the JSE said in a Sens update that the fine is wholly suspended for five years, provided the technology company is not found to be in breach of similar provisions of the listings requirements during the suspension period. Read: Ayo suspended from JSE This comes after Ayo announced that its parent company, Sekunjalo Investment Holdings, led by controversial businessman Iqbal Survé, planned to buy out minority shareholders before the company delisted. In the Sens, Ayo said Sekunjalo will acquire the offer shares, a maximum of 155 331 790 shares, for which valid acceptances are received prior to the closing date of the offer, for a total offer consideration of R80 772 531. Read: Iqbal Survé's R50bn grand plan for Ayo [Apr 2019] In February 2025, the JSE suspended trading in Ayo shares for failing to publish its annual report for the year to August 2024. 'I believe we have done everything within our power to ensure compliance with the listings requirements, however, the release of our results is contingent on the external quality reviewer, the independence and process of which we respect,' said Ayo CEO Amit Makan in a statement. Read: Ayo shareholders agree to repay R619m to PIC [Jun 2024] For this new offence, the JSE says the company was found to be in breach of paragraph 11.25 of the listings requirements, and the purpose of these requirements is to ensure that a repurchase of shares by a company from specifically named parties is conducted transparently and fairly. The stock exchange says this rule highlights the need to keep investors informed by sharing important updates on Sens, especially when it could impact investment decisions or share value. Read: Ayo shareholders agree to repay R619m to PIC 'The JSE finds it unacceptable that Ayo failed to immediately inform shareholders that it had agreed to repurchase its shares from the parties as part of the settlement agreement.' The company's shares have dropped to 40c, down 99% from the peak of R45 in 2017. This article was republished from Moneyweb. Read the original here.
